In a filing with the Oslo bourse the owner, which is in the process of changing its name to Team Tankers, identified Mads Meldgaard as its new chairman.
Upon completion of a fresh listing Meldgaard will be joined by Robert (Bob) Burke, the chief executive of Ridgebury Tankers, and industry veteran Jesper Bo Hansen.
The new line-up will also include Gavin Kagan, Tom Higbie and Danielle Leone, according to today’s announcement, which was filed after the close in Oslo.
Prior to these appointments the operator’s board of directors was led by chairman Aage Figenschou, who has been at the helm for nearly three years. Helene Anker, Heidi Petersen, Thor Guttormsen and Erik Bartnes held seats as well.
As we reported Angelo Gordon & Company, Barclays and Cerberus European Investments seized control of Eitzen during an overhaul that saw the company restructure roughly $850m worth of bank debt and bonds.
The exercise left the holders of the converted debt with a 98% stake in the company, which is in the process of moving its headquarters from Oslo to Bermuda.
Team is currently a wholly-owned subsidiary of Eitzen, which set up the offshoot for the sole purpose of launching an exchange offer and new listing.
To fulfill the Oslo bourse’s listing requirements Team, which will control 45 chemical tankers when its parent is dissolved, intends to conducting an initial public offering of up to NOK 3m ($385,000) and employee offering of up to NOK 900,000.
The election of a new board was one of the stipulations that the company had to address prior to the float.
On Wednesday Team indicated that, in addition to the exchange offer, it also needs to satisfy a rule that requires prospective issuers to have at least 500 shareholders. Of these, each must hold a stake worth no less than NOK 10,000.
The company pointed out that its shares will be listed on Oslo Axess instead of Oslo Bors if efforts to meet this threshold fail to bear fruit. If all goes according to plan Team said its ticker, 'TEAM', will start trading on 9 March 2015.
